Nevada § 81.855 Distributions prohibited; compensation and other permitted payments

Nevada Statutes

§ 81.855 — Distributions prohibited; compensation and other permitted payments

Nevada·Title 7 BUSINESS ASSOCIATIONS; SECURITIES; COMMODITIES·Ch. 81 Miscellaneous· Members and Managers

1. Except as otherwise provided in subsection 2, an unincorporated nonprofit association may not pay dividends or make distributions to a member or manager. 2. An unincorporated nonprofit association may:

(a)Pay reasonable compensation or reimburse reasonable expenses to a member or manager for services rendered;

(b)Confer benefits on a member or manager in conformity with its nonprofit purposes;

(c)Repurchase a membership and repay a capital contribution made by a member to the extent authorized by its governing principles; or

(d)Make distributions of property to members upon winding up and termination to the extent permitted by NRS 81.870 .

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1. Except as otherwise provided in subsection 2, an unincorporated nonprofit association may not pay dividends or make distributions to a member or manager.
2. An unincorporated nonprofit association may:
(a) Pay reasonable compensation or reimburse reasonable expenses to a member or manager for services rendered;
(b) Confer benefits on a member or manager in conformity with its nonprofit purposes;
(c) Repurchase a membership and repay a capital contribution made by a member to the extent authorized by its governing principles; or
(d) Make distributions of property to members upon winding up and termination to the extent permitted by NRS 81.870 .

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